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Tuesday, July 8, 2008

House prices in free fall

The standard price of all house property purchased last year dipped by 1.7%. House prices begged off for the fourth successive month in June as inflation and high interest rates carries on to hit property buyers in the pocket.

The latest Absa House Price Index, released yesterday, exposed that nominal year-on-year house price increase declined by 0.9 percent to 3.8 percent previous month from 4.7 percent in May, as paying criteria became a chief concern with bond repayments up almost 40 percent in the last two years. Currently only FNB and Nedbank are yet allowing some 100 percent loans. Absa and Standard Bank now require deposits of between 10 and 20 percent.

posted by Vijay @ 10:50 PM permanent link   | Post a Comment |

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